The US to Declare its ISM Manufacturing PMI

The US to Declare its ISM Manufacturing PMI

The ISM Manufacturing PMI data for January will be disclosed today by the Institute for Supply Management at 15:00 GMT and the market participants who are trading in the US dollar quotes will closely be watching them, before taking any drastic market decisions. If the disclosed figure is below 50, it will have a negative effect on the value of the currency. Moreover, financial experts are anticipating the ISM Manufacturing PMI to be 47.4, which was the same figure when it was unveiled on 3rd Jan 2024 at 15:00 GMT. The indicator reflects the business conditions in the manufacturing sector of the US.

Interest Rate Decision of BoE to be Released

The market participants who are trading in pound quotes are recommended to be vigilant during the release of the Interest Rate Decision. According to the sources from the Bank of England, it will be made on Thursday at noon GMT. When it was disclosed on 14th Dec 2023 at 12:00 GMT, it was found to be 5.25%. The majority economists are of the say that the central bank is anticipated to hold interest rates steady at 5.25%. The market will be probing for cues regarding future rate cuts by carefully observing the projections, voting patterns and language. 

Governor of BoE to Give Speech Today

Based on the sources from the Bank of England, the governor of BoE, Andrew Bailey will be delivering the speech on Thursday at 14:15 GMT. Market participants who are trading in sterling are highly recommended to make a note of the points included in the speech, as it will have the greatest influence over the currency’s value among all members of the Committee. Moreover, the governor is considered the head of the Monetary Policy Committee of the Bank of England. The market observes the speech keenly, as there could be any clues about the change in the future monetary policy and exchange rates of the BoE.